The Global Market Rally Is Weakening

The gains started yesterday, as stocks broke the hard slump they were in for the three previous days. Then at 5 p.m. ET yesterday, the Turkish central bank announced an interest rate hike that was MUCH higher than people were expecting. The rate hike was designed to stem the flagging Turkish lira (and it worked, the lira instantly soared).

The move also set off an instant bout of global risk-taking as stocks shot up everywhere.

But markets are fading a bit. For one thing, the big Turkish lira move that everyone is watching is rapidly melting away.

Equity markets are losing some of their luster. Germany had been up over 1.2%, but is now up less than 0.8%.